Vista Land and Lifescapes Inc. will start construction of the second tower of its two-tower condominium brand Vista Shaw in March next year.
Former Sen. Manny Villar, chairman of Vista Land, told reporters in a briefing that the second tower will start construction as soon as all the units of the first tower, which is 55 percent sold as of press time, are disposed within the year.
Elizabeth Kalaw, Vista Residences division head, said that the second tower will be launched next year, shortly after all units of the first tower are sold out. She said the first tower broke ground on August 29.
Vista Shaw is a two-tower 38-story condominium brand of Vista Land being built along Shaw Boulevard. The project has a total floor area of 6,386 square meters.
Each tower has 685 units, of which there are three unit types: 24-sqm studio type, priced at P2.2 million to P2.4 million per unit; 30-sqm on- bedroom unit priced at P3.4 million; and 60- to 64-sqm two-bedroom units priced at P7 million.
The units will be turned over to buyers in 2018. Buyers include overseas Filipino workers, young professionals, and startup families.
Vista Land grew its net income by 14 percent to P2.8 billion in the first six months of the year from P2.5 billion a year ago. It said it is on track with its full year targets of “double-digit growth” in net income and revenues.
As of end-June, the company has already spent 48 percent or P10.4 billion of its P21.6 billion capital expenditures for 2014.